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  • Home
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    • Meet The Home Stager
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    • Vacant Home Staging
    • Renovation Consulting
    • Owner-Occupied Staging
    • Estate Cleanout Services
    • Listing Prep Consulting
  • Gallery
    • Vacant Home Staging
    • Occupied Home Staging
  • Client Testimonials
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    • Get In Touch
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Ford Elite Homes The Home Staging Professionals

Ford Elite Homes The Home Staging Professionals Ford Elite Homes The Home Staging Professionals Ford Elite Homes The Home Staging Professionals

Where to Start When Buying a Home

Here are few questions to ask yourself:

  • How much house can I afford?
  • What type of loan do I qualify for?
  • How much do I have saved for a down payment?
  • Can I afford my desired neighborhood?
  • Are home values increasing or decreasing in the neighborhood?
  • How long will my commute take? 
  • Is the school district a fit for my family? 
  • What amenities, attractions, and shopping are nearby ?

Step 1: Check your credit Score

Here a Few Factors to consider:

  • The higher your credit score, the lower the interest rate you’ll receive.  
  • FHA minimum credit score 580
  • Conventional minimum credit score 620
  • A FICO score is the score lenders use to evaluate your creditworthiness

     

 The Following Impact your creditworthiness:

  • Payment history
  • Total debt
  • Length of credit history
  • New credit
  • Type of credit 

Step 2: Find a Real Estate Agent

Why Hire a Real Estate Agent?

 A professional Real Estate Agent will be by your side to guide you through the process. Your Realtor's commission is paid by the seller.

Here are some areas where a buyer’s agent can help:  

 

  • Market insights: identifies home value trends, new developments, buyer demand and overall state of the market

 

  • Offer price: determines what a home is worth and recommends a competitive initial offer amount


  • Negotiating: knows when to argue for a lower price and how to negotiate contingencies and repairs


Step 3: Get Pre-Approved

How much buying power do you have ?

 Unless you're paying cash, the lender will determine your maximum home buying budget. Your pre-approval will be based on your debt-to-income ratio by reviewing the following documents:


  • Income statements, like W2s, 1099s, rental income and tax returns
  • Assets, like bank statements and retirement accounts
  • Debts, including monthly expenses like student loans, credit cards and other mortgages
  • Current rent, child support payments, alimony payments and any down payment gifts
  • Records of bank


 

Step 4: Create a wish list for your new HOME

Prioritize your wish list to fit your budget

Once you have your pre-approval, make a list of must-have home features. Your price point will likely dictate the size, location and amenities of your future home. Here are a few examples of wish list items to consider: 

 

  • Number of bedrooms and bathrooms
  • Square footage
  • Outdoor space
  • Preferred location
  • Type of home
  • Layout, features and finishes
  • School district
  • Pet-friendliness
  • Work commute

Step 5: Start your HOME search

What to look for when touring homes:

You can search for available homes on online platforms like Zillow & Realtor.com. Your agent will also send you listings and schedule your showings. Ultimately, the inspection will give you an official report on the home’s quality and condition, but while you’re touring, keep an eye out for the following:

  

  • Structural defects and cracking
  • Water pressure (turn on faucets and shower heads)
  • Electrical issues (try the light switches)
  • Functionality and heat retention of doors and windows
  • Roof and exterior

Step 5: Make an offer

You've found the right home, let's make an offer:

Factors to consider when making an offer:

  

  • Comparative Market Analysis (CMA)  is a calculation of a home’s market value based on comparable recent sales in the same area.
  • Closing date: When you’re buying a home with a mortgage, it will take 21-45 days after the contract is executed to close on the home.
  • Earnest money: A deposit you’re willing to put down when you make your offer to show that you’re serious about buying the home.
  • Contingencies: A condition that needs to occur in order for the sale to move forward.


Step 6: Your offer has been accepted

You're officially UNDER CONTRACT:

Schedule your home inspection:

Your Realtor will recommend a trustworthy, licensed home inspector.

Usually, the inspection is scheduled within a week of the contract being signed. It’s recommended that you and your agent attend the inspection. After you receive the inspection report, you’ll have time to discuss the findings with your agent and decide how you want to respond to the seller.


Step 7: Secure your financing

Follow-up with your lender:

It very important to respond to correspondence for your lender and Realtor in a timely manner. After inspection negotiations are complete, it's time to order the appraisal. Your lender will hire the appraiser. This is typically an up-front fee. 


Purchase a homeowners insurance policy.

You’ll need to have proof of a  homeowner insurance policy prior to receiving a clear to close closing.


Step 8: Appraisal Process

Understanding the appraisal process

  • If the appraisal matches your offer price: You should be clear to close.
  • If the appraisal comes in above your offer price: Even better! This means not only are you clear to close, but you’re purchasing the home with instant equity.
  • If the appraisal comes in low: You’ll need to either make up the difference between the appraised value and the offer price in cash or try to re-negotiate the offer price with the seller.

Step 9: Close and move

Final Underwriting Complete

You have been cleared to close

  • Schedule closing day & time with the title company 
  • Schedule final-walkthrough with your Realtor
  • Expect to be at closing for about two hours 
  • Once signing is complete, you'll receive your KEYS.
  • You can now set up utilities for the new home — things like electric, cable and internet.

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